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Amino increases revenues, narrows losses

IPTV set-top vendor Amino increased revenues by 41% to £18.14m (€21.62m) in the six months to the end of May.

Gross margins, however, were affected by a combination of reduced margins on higher volume sales to tier-two operators, the impact of foreign exchange rate movements and higher component prices, Amino said.  These factors lead to an operating loss of £0.97m for the period, a significant reduction year-on-year from a loss of £3.6m.

Amino said its improved sales performance was driven by the core IPTV business, with MPEG-4 shipments increasing 325% compared to the same period in 2009, representing 79% of all shipments. Total shipments were up 47% to 243,000 during the period.

Commenting on the results, Keith Todd, non-executive chairman, said: “This has been an encouraging first-half performance, with record booked unit sales, that builds on the momentum from the second half of the previous year. Profitability has been impacted by foreign exchange movements, higher component prices and the adjustment of margins as the company scales into tier one and tier two markets, where important new contracts have been secured during the period.”